NO.PZ2023081403000048
问题如下：
Q. An analyst gathered the information in Exhibit 1 from a company’s 2018 financial statements:Exhibit 1:
2018 Financial Statement (US dollars, millions)
In 2018, the company declared and paid cash dividends of USD10 million and recorded depreciation expense in the amount of USD25 million. The company considers dividends paid a financing activity. The company’s 2018 cash flow from operations (in USD millions) was closest to:
选项：
A.25 B.45 C.75解释：
B is correct. All dollar amounts are in millions. Net income (NI) for 2018 is USD35. This amount is the increase in retained earnings, USD25, plus the dividends paid, USD10. Depreciation of USD25 is added back to net income, and the increases in accounts receivable, USD5, and in inventory, USD3, are subtracted from net income because they are uses of cash. The decrease in accounts payable is also a use of cash and, therefore, a subtraction from net income. Thus, cash flow from operations is USD25 + USD10 + USD25 – USD5 – USD3 – USD7 = USD45.
强调dividend 是finance outflow 是为了避免deduction of dividend in the CFO?
